24 Sep 2013
NZD/USD under persistent downward pressure as Japanese traders come back
FXstreet.com (Athens)- The NZD/USD has been found itself under pressure since the early opening of the Asian trading session, as the vast majority of traders booked some profit on the pair following the recent weeks outsized gains.
The pair has been losing consistently solid ground since the opening trading session in Asia, as the return of the Japanese investors was strongly linked with heavy pressure to the “kiwi”. That is not illogical since the “kiwi” has been outperforming since almost the early September, therefore the traders tried to book most of their profits following the September’s enormous gains. Today we have no crucial new regarding the New Zealand economy, but traders should have all eyes on tomorrow’s August trade report, widely expected to be another deficit of -$NZ700m as we are heading into the seasonally weak winter export season. Last but not least, today we are ahead of crucial US consumer confidence data, whilst we also have speeches on behalf of Fed’s George and Pianalto.
Technical Outlook and Strategic Bias on NZD/USD
Traders should be aware of the fact that the “kiwi” is highly correlated again with its antipodean counterpart, the “Aussie”, therefore it could be a great idea to look simultaneously at both pairs when trading one of them. At the time of writing the pair is trading at 0.8332, down 0.48%. Ahead, the area as of 0.8402 remains the initial topside resistance, with the support being held at the 19th September’s low of 0.8327.
The pair has been losing consistently solid ground since the opening trading session in Asia, as the return of the Japanese investors was strongly linked with heavy pressure to the “kiwi”. That is not illogical since the “kiwi” has been outperforming since almost the early September, therefore the traders tried to book most of their profits following the September’s enormous gains. Today we have no crucial new regarding the New Zealand economy, but traders should have all eyes on tomorrow’s August trade report, widely expected to be another deficit of -$NZ700m as we are heading into the seasonally weak winter export season. Last but not least, today we are ahead of crucial US consumer confidence data, whilst we also have speeches on behalf of Fed’s George and Pianalto.
Technical Outlook and Strategic Bias on NZD/USD
Traders should be aware of the fact that the “kiwi” is highly correlated again with its antipodean counterpart, the “Aussie”, therefore it could be a great idea to look simultaneously at both pairs when trading one of them. At the time of writing the pair is trading at 0.8332, down 0.48%. Ahead, the area as of 0.8402 remains the initial topside resistance, with the support being held at the 19th September’s low of 0.8327.